{
 "name": "fsmacrypto.co.uk S21 Promotion Route Rules",
 "title": "S21 Promotion Route Rules",
 "url": "https://fsmacrypto.co.uk/datasets/s21-promotion-route-rules/",
 "csv": "https://fsmacrypto.co.uk/datasets/s21-promotion-route-rules.csv",
 "markdown": "https://fsmacrypto.co.uk/datasets/s21-promotion-route-rules/index.md",
 "computed_at": "2026-09-26",
 "license": "https://fsmacrypto.co.uk/terms",
 "headline": "The S21 Promotion Route Rules carries 1 published figure read from 2 sources' own pages, from 24 to 24 hour, read 26 September 2026.",
 "quotes": [
  "The S21 Promotion Route Rules carries 1 published figure read from 2 sources' own pages, from 24 to 24 hour, read 26 September 2026.",
  "2 of the 26 named sources read in full publish a figure; 24 publish none, read 26 September 2026.",
  "S21 Promotion Route Rules, obligation SUP 6A, online notification system unavailable for: median 24 hour across 1 source, read 26 September 2026.",
  "S21 Promotion Route Rules, obligation cryptoasset investment lookback for investor self-certification: median 2 year across 1 source, read 26 September 2026.",
  "S21 Promotion Route Rules, obligation approver notification to the FCA, within: median 7 day across 1 source, read 26 September 2026.",
  "S21 Promotion Route Rules, obligation FCA notice on a complete application, within: median 3 month across 1 source, read 26 September 2026.",
  "The median is unchanged since 25 September 2026 (was 24 hour across 1)."
 ],
 "citation": "\"fsmacrypto.co.uk S21 Promotion Route Rules\", updated 2026-09-26, https://fsmacrypto.co.uk/datasets/s21-promotion-route-rules/.",
 "changed_since": {
  "since": "2026-09-25",
  "previous_median": 24,
  "delta": 0,
  "direction": "unchanged",
  "sentence": "The median is unchanged since 25 September 2026 (was 24 hour across 1)."
 },
 "national": {
  "unit": "hour",
  "n": 1,
  "median": 24,
  "min": 24,
  "max": 24,
  "p25": 24,
  "p75": 24,
  "mean": 24,
  "units": {
   "day": 1,
   "hour": 1,
   "month": 1,
   "year": 1
  },
  "published_sources": 2,
  "named_sources": 26,
  "read_sources": 26,
  "not_published": 24,
  "published_share": 0.077
 },
 "by_axis": {
  "obligation": {
   "SUP 6A, online notification system unavailable for": {
    "hour": {
     "n": 1,
     "median": 24,
     "min": 24,
     "max": 24,
     "p25": 24,
     "p75": 24,
     "mean": 24
    }
   },
   "cryptoasset investment lookback for investor self-certification": {
    "year": {
     "n": 1,
     "median": 2,
     "min": 2,
     "max": 2,
     "p25": 2,
     "p75": 2,
     "mean": 2
    }
   },
   "approver notification to the FCA, within": {
    "day": {
     "n": 1,
     "median": 7,
     "min": 7,
     "max": 7,
     "p25": 7,
     "p75": 7,
     "mean": 7
    }
   },
   "FCA notice on a complete application, within": {
    "month": {
     "n": 1,
     "median": 3,
     "min": 3,
     "max": 3,
     "p25": 3,
     "p75": 3,
     "mean": 3
    }
   }
  }
 },
 "rows": [
  {
   "source": "FCA Handbook SUP 6A (permission to approve financial promotions)",
   "url": "https://handbook.fca.org.uk/handbook/sup6a",
   "figure": "24 hours",
   "value": 24,
   "unit": "hour",
   "vat": null,
   "axis": {
    "obligation": "SUP 6A, online notification system unavailable for"
   },
   "retrieved_at": "2026-09-19",
   "quote": "If the online notification and application system fails and online submission is unavailable for 24 hours or more, the FCA will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out in SUP 15.7.4R to SUP 15.7.9G (Form and method of notification) should be used.",
   "source_class": "primary-government",
   "text_sha256": "09a0f844d60577eb88b952ed01ed614bf43a821ec17a43c14a95bc4ce0edb232"
  },
  {
   "source": "FCA PS23/6 (policy statement PDF)",
   "url": "https://www.fca.org.uk/publication/policy/ps23-6.pdf",
   "figure": "2 years",
   "value": 2,
   "unit": "year",
   "vat": null,
   "axis": {
    "obligation": "cryptoasset investment lookback for investor self-certification"
   },
   "retrieved_at": "2026-09-20",
   "quote": "in cryptoasset products above a certain threshold in the previous 2 years, or proof of",
   "source_class": "primary-government",
   "text_sha256": "deee7c781636cff90edd3c2eb7ae5e3614db0017bc2f2e77369af28e156b0304"
  },
  {
   "source": "FCA PS23/6 (policy statement PDF)",
   "url": "https://www.fca.org.uk/publication/policy/ps23-6.pdf",
   "figure": "7 days",
   "value": 7,
   "unit": "day",
   "vat": null,
   "axis": {
    "obligation": "approver notification to the FCA, within"
   },
   "retrieved_at": "2026-09-20",
   "quote": "• We have proposed to require approvers to submit a notification to us within 7 days",
   "source_class": "primary-government",
   "text_sha256": "deee7c781636cff90edd3c2eb7ae5e3614db0017bc2f2e77369af28e156b0304"
  },
  {
   "source": "FCA PS23/6 (policy statement PDF)",
   "url": "https://www.fca.org.uk/publication/policy/ps23-6.pdf",
   "figure": "3 months",
   "value": 3,
   "unit": "month",
   "vat": null,
   "axis": {
    "obligation": "FCA notice on a complete application, within"
   },
   "retrieved_at": "2026-09-20",
   "quote": "once, we have all the information we need, we have up to 3 months to give notice of a",
   "source_class": "primary-government",
   "text_sha256": "deee7c781636cff90edd3c2eb7ae5e3614db0017bc2f2e77369af28e156b0304"
  }
 ],
 "not_published": [
  {
   "source": "FSMA 2000 section 21 (restrictions on financial promotion)",
   "url": "https://www.legislation.gov.uk/ukpga/2000/8/section/21",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FSMA 2000 section 25 (contravention of section 21)",
   "url": "https://www.legislation.gov.uk/ukpga/2000/8/section/25",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "Financial Promotion Order 2005 (contents)",
   "url": "https://www.legislation.gov.uk/uksi/2005/1529/contents",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "Financial Promotion Order 2005 article 73ZA",
   "url": "https://www.legislation.gov.uk/uksi/2005/1529/article/73ZA",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FSMA 2000 (Financial Promotion) (Amendment) Order 2023 (SI 2023/612)",
   "url": "https://www.legislation.gov.uk/uksi/2023/612/made",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: cryptoasset firms marketing to UK consumers",
   "url": "https://www.fca.org.uk/firms/cryptoassets/marketing-uk-consumers",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: cryptoasset financial promotions and fiat-to-crypto on/off ramp services",
   "url": "https://www.fca.org.uk/firms/cryptoasset-financial-promotions-and-fiat-crypto-ramp-services",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA Handbook COBS 4.12A (promotion of restricted mass market investments)",
   "url": "https://handbook.fca.org.uk/handbook/COBS/4/12A.html",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA Handbook COBS 4.12A (alternate Handbook path)",
   "url": "https://handbook.fca.org.uk/handbook/cobs4/cobs4s17",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA Handbook COBS 4 Annex 1 (risk summaries)",
   "url": "https://handbook.fca.org.uk/handbook/COBS/4/Annex1.html",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA Handbook COBS 4.12B (promotion of non-mass market investments)",
   "url": "https://handbook.fca.org.uk/handbook/cobs4/cobs4s18",
   "retrieved_at": "2026-09-19",
   "reason": "every candidate on the page was refused"
  },
  {
   "source": "FCA Handbook PERG 8.3 (financial promotion)",
   "url": "https://handbook.fca.org.uk/handbook/perg8/perg8s3",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA Handbook PERG 8.9 (circumstances where the section 21 restriction does not apply)",
   "url": "https://handbook.fca.org.uk/handbook/perg8/perg8s9",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: approving financial promotions",
   "url": "https://www.fca.org.uk/firms/financial-promotions-and-adverts/approving-financial-promotions",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: applying to approve financial promotions for unauthorised persons",
   "url": "https://www.fca.org.uk/firms/financial-promotions-adverts/applying-approve-unauthorised-persons",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: cryptoasset firms' use of s.21 approvers",
   "url": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/s21-approvers",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA FG23/3: finalised non-Handbook guidance on cryptoasset financial promotions",
   "url": "https://www.fca.org.uk/publications/fg23-3-finalised-non-handbook-guidance-cryptoasset-financial-promotions",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA PS23/6: financial promotion rules for cryptoassets",
   "url": "https://www.fca.org.uk/publications/policy-statements/ps23-6-financial-promotion-rules-cryptoassets",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: firms' preparations to comply with the cryptoasset financial promotions regime (good and poor practice)",
   "url": "https://www.fca.org.uk/publications/good-poor-practice/firms-preparations-cryptoasset-financial-promotions-regime",
   "retrieved_at": "2026-09-19",
   "reason": "every candidate on the page was refused"
  },
  {
   "source": "FCA: assessing firms' compliance with 'back end' cryptoasset financial promotions rules",
   "url": "https://www.fca.org.uk/publications/good-and-poor-practice/assessing-compliance-back-end-cryptoasset-financial-promotions-rules",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA: financial promotions for high-risk investments (multi-firm review)",
   "url": "https://www.fca.org.uk/publications/multi-firm-reviews/financial-promotions-high-risk-investments",
   "retrieved_at": "2026-09-19",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "FCA FG23/3 (finalised guidance PDF)",
   "url": "https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf",
   "retrieved_at": "2026-09-20",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "legislation.gov.uk",
   "url": "https://www.legislation.gov.uk/uksi/2023/612/made",
   "retrieved_at": "2026-09-12",
   "reason": "read in full and no accepted figure on the page"
  },
  {
   "source": "fca.org.uk",
   "url": "https://www.fca.org.uk/publications/good-poor-practice/firms-preparations-cryptoasset-financial-promotions-regime",
   "retrieved_at": "2026-09-19",
   "reason": "every candidate on the page was refused"
  }
 ],
 "sources": [
  {
   "url": "https://www.legislation.gov.uk/ukpga/2000/8/section/21",
   "label": "FSMA 2000 section 21 (restrictions on financial promotion)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.legislation.gov.uk/ukpga/2000/8/section/25",
   "label": "FSMA 2000 section 25 (contravention of section 21)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.legislation.gov.uk/uksi/2005/1529/contents",
   "label": "Financial Promotion Order 2005 (contents)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.legislation.gov.uk/uksi/2005/1529/article/73ZA",
   "label": "Financial Promotion Order 2005 article 73ZA",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.legislation.gov.uk/uksi/2023/612/made",
   "label": "FSMA 2000 (Financial Promotion) (Amendment) Order 2023 (SI 2023/612)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/firms/cryptoassets/marketing-uk-consumers",
   "label": "FCA: cryptoasset firms marketing to UK consumers",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/firms/cryptoasset-financial-promotions-and-fiat-crypto-ramp-services",
   "label": "FCA: cryptoasset financial promotions and fiat-to-crypto on/off ramp services",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/COBS/4/12A.html",
   "label": "FCA Handbook COBS 4.12A (promotion of restricted mass market investments)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/cobs4/cobs4s17",
   "label": "FCA Handbook COBS 4.12A (alternate Handbook path)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/COBS/4/Annex1.html",
   "label": "FCA Handbook COBS 4 Annex 1 (risk summaries)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/cobs4/cobs4s18",
   "label": "FCA Handbook COBS 4.12B (promotion of non-mass market investments)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/perg8/perg8s3",
   "label": "FCA Handbook PERG 8.3 (financial promotion)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/perg8/perg8s9",
   "label": "FCA Handbook PERG 8.9 (circumstances where the section 21 restriction does not apply)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://handbook.fca.org.uk/handbook/sup6a",
   "label": "FCA Handbook SUP 6A (permission to approve financial promotions)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/firms/financial-promotions-and-adverts/approving-financial-promotions",
   "label": "FCA: approving financial promotions",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/firms/financial-promotions-adverts/applying-approve-unauthorised-persons",
   "label": "FCA: applying to approve financial promotions for unauthorised persons",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation/s21-approvers",
   "label": "FCA: cryptoasset firms' use of s.21 approvers",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/fg23-3-finalised-non-handbook-guidance-cryptoasset-financial-promotions",
   "label": "FCA FG23/3: finalised non-Handbook guidance on cryptoasset financial promotions",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/policy-statements/ps23-6-financial-promotion-rules-cryptoassets",
   "label": "FCA PS23/6: financial promotion rules for cryptoassets",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/good-poor-practice/firms-preparations-cryptoasset-financial-promotions-regime",
   "label": "FCA: firms' preparations to comply with the cryptoasset financial promotions regime (good and poor practice)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/good-and-poor-practice/assessing-compliance-back-end-cryptoasset-financial-promotions-rules",
   "label": "FCA: assessing firms' compliance with 'back end' cryptoasset financial promotions rules",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/multi-firm-reviews/financial-promotions-high-risk-investments",
   "label": "FCA: financial promotions for high-risk investments (multi-firm review)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publication/policy/ps23-6.pdf",
   "label": "FCA PS23/6 (policy statement PDF)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf",
   "label": "FCA FG23/3 (finalised guidance PDF)",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.legislation.gov.uk/uksi/2023/612/made",
   "label": "legislation.gov.uk",
   "license": "the publisher's own terms; quoted for reporting and comment"
  },
  {
   "url": "https://www.fca.org.uk/publications/good-poor-practice/firms-preparations-cryptoasset-financial-promotions-regime",
   "label": "fca.org.uk",
   "license": "the publisher's own terms; quoted for reporting and comment"
  }
 ],
 "methodology": "Every row is a verbatim sentence read from the named source's own page through the estate's fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 2 of the 26 named sources that could be read published a usable figure; 24 published none and are recorded as not published, never filled in; 0 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source in hour (a source's median where its page yielded several accepted sentences), so N counts sources, never sentences; 13 candidate sentence(s) were refused by a reviewer with the reason recorded. Derivation as chartered: one row per route (FSMA-authorised person, approval by an authorised s21 approver, the article 73ZA registered-business exemption, any other Financial Promotion Order exemption) crossed with every obligation that follows it - the prescribed risk warning and its short form, the risk summary behind the 'learn more' link, the 24-hour cooling off, the personalised risk warning, client categorisation, the appropriateness assessment, the incentives ban - each quoted verbatim from its own rule or article with the rule number and the date it came into force, plus the s25 penalty. The derivation is the MATRIX: no single FCA or legislation page sets the four routes against the obligations, so the comparison (which route carries which duty, which exemptions are available for a qualifying cryptoasset and which are modified or closed) is ours, and so is changed-since, which is what a rule or guidance update means for a firm already on a route.",
 "embed": "<figure style=\"margin:0;padding:16px;border:1px solid #d9d9d9;border-radius:8px;background:#ffffff;color:#111111;font-family:system-ui,sans-serif;max-width:480px\"><p style=\"margin:0 0 8px;font-size:28px;font-weight:700;color:#111111;background:#ffffff\">24 to 24 hour</p><p style=\"margin:0 0 8px;font-size:14px;color:#111111;background:#ffffff\">1 published figures, S21 Promotion Route Rules, across 2 sources, read 26 September 2026</p><figcaption style=\"font-size:12px;color:#444444;background:#ffffff\"><a href=\"https://fsmacrypto.co.uk/datasets/s21-promotion-route-rules/#median\" style=\"color:#1a4fd6;background:#ffffff\">Source: fsmacrypto.co.uk S21 Promotion Route Rules</a></figcaption></figure>"
}